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Energy Costs Concern, City to Aide Small Businesses

NEW YORK CITY-Mayor Giuliani says small businesses with less than $100,000 annual electricity bills will get free energy audits to help stave off an energy crisis here, while conference panelists weigh in on its impact on investing.

By Amy Vaughn | Updated on March 09, 2001

NEW YORK CITY-The New York City Economic Development Corp. plans to give small businesses spending less than $100,000 per year on electricity free energy audits to help them identify and implement cost-effective energy solutions. The audits are designed to help local businesses tap into the annual $150 million now offered by New York State for conservation implementation subsidies. Meanwhile, speakers at the Pension Real Estate Association Spring Conference note the energy crisis on the West Coast concerns them.

The PREA conference is still going strong at the Waldorf Hotel where yesterday (March 8) panelists discussing investment strategies were asked about their concerns about the energy crisis on the West Coast. All of the panelists make substantial investments in the real estate industry and responded that it is a concern and the potential spread of the crisis nationally weighs on their minds.

Timothy J. Hoeppner, managing director of real estate at the John D. and Catherine T. MacArthur Foundation, responded, “I run our energy portfolio as well and I haven’t seen it trickle through the economy yet, but frankly I’m surprised we haven’t seen more of an impact.” He noted that the potential for economic repercussions in real estate and the economy in general are there and that he is concerned the situation could worsen.

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